Canadian National Railway Company: Rating Report

On April 21, 2021, DBRS Limited (DBRS Morningstar) placed Canadian National Railway Company's (CN or the Company) Issuer Rating of "A," its Unsecured Bonds, Debentures & Notes rating of “A,” and its Commercial Paper rating of R-1 (low) Under Review with Negative Implications following the announcement that CN Rail has made an offer to combine with Kansas City Southern (KCS) in a stock and cash transaction valued at approximately $42.2 billion (USD 33.7 billion).